What Should You Do With Your Oakland County Home Now That You’re Getting Divorced? (Pt 2)

A large home, possibly a vacation home, with a pool and reclining chairs on the deck.

Welcome back and thanks for joining us for the wrap up of this discussion on what to do with your home in Oakland County, now that you’re getting a divorce. As we mentioned in the previous article, divorcing couples have several options when it comes to their home. We’ve already looked at the first two – where one spouse buys the other spouse out, or where the spouse who gets custody also gets the house to minimize trauma for the kids. But those certainly aren’t the only options available. While figuring out what to do with your home is a big decision, there are lots of possibilities. So let’s check out a couple more…

Option Three: The house is sold, and the spouses split the cash

For many couples, this option makes the most sense. If your home is your largest asset, and you bought it together after you got married, then splitting the investment down the middle might make sense for you. In this situation, the divorcing couple either both move out and the house is put up for sale, or one spouse moves out and the other stays in the home while it’s on the market, moving only when it’s sold. This option is considered to be one of the most financially “fair” as it splits a couple’s biggest asset – their home – right down the middle and gives each spouse the same amount of money. However, if only spouse made payments on the home, or one spouse used part of an inheritance to help purchase the home, this might not end up being the best option.

Option Four: One spouse gets the house, the other gets… something else

In this scenario, one spouse gets to keep the house, and the other spouse keeps other assets that have a similar value. This could mean the spouse who doesn’t get the house gets the joint retirement account, or the 4O1K (or both) instead. For couples with other assets of significant value, like vacation homes; recreational vehicles and boats; or tracts of land, this option makes a lot of sense. It can be a great way to allow your spouse to keep the family home (if they want it) while ensuring that you still get your money’s worth when the marriage ends. Also, if you can afford to buy a new home, or simply start over in an apartment of townhouse you like, this allows you to prepare for your future by ensuring that your retirement is provided for.

Not all spouses are reasonable when it comes to dividing assets.

Even if money is not an issue, there’s often the issue of a combative spouse. Or simply a divorcing spouse who maintains that “if I can’t have it, then nobody can.” It’s not a healthy mentality to have about the family home, but not an uncommon one during contentious divorces. A spouse who will argue against you remaining in the home to “get back at you” for hurting them, or leaving them, isn’t as rare as you’d think. So if your spouse is showing signs of being unwilling to work with you, or seems to be acting in a mean and petty way, discuss this with your attorney. You may need to develop a more aggressive strategy for dealing with a bullying spouse.

Make sure you have the best possible family law attorney handling your divorce

Divorces are often stressful and full of challenges. Even if your spouse isn’t acting in an irrational way, it’s still a complex and difficult process, requiring careful navigation to ensure your future is well and thoughtfully provided for. That’s why you need The Kronzek Firm involved. Our highly skilled divorce attorneys have been helping the people of mid-Michigan with their divorces for many decades now. From custody agreements and alimony, to child support and asset division, we do it all. So if you live in Michigan’s lower peninsula and you’re considering ending your marriage, call (248) 479-6200 today and schedule your free consultation. We’re available 24/7, including nights, weekends and holidays, to help.